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Aksa Energy's subsidiary, Aksaf Power Ltd., has signed an agreement today with Societe Jiro Sy Rano Malagasy (Jirama) for the rehabilitation and operation of 24 MW heavy fuel-oil power plant located next to our Madagascar Power Plant running at 66MW.
According to this agreement, the power plant owned by Jirama will be rehabilitated to be operational and Aksa Energy will operate the power plant for five years. Rehabilitation of the power plant will include maintenance work and spare parts replacements and the power plant will be operational in six months. As per the agreement, electricity generated will be sold to Jirama via guaranteed sales (take-or-pay) in US Dollars for a duration of five years. .
The fact that the power plant to be rehabilitated is located next to Aksa Energy's existing plant will provide both logistical and workforce advantages. This rehabilitation and operation agreement followes our Madagascar power plant investment, which became operational in seven months, demonstrates the trust between Madagascar government and Aksa Energy, and the strong belief in our Company's experience and professionalism.
In addition to the profitability of our existing power plant, the additional revenue and profitability to be provided by the new agreement will be reflected to our financials by the fourth quarter of 2018 and is not included in the 2018 guidance shared in March.
Respectfully announced to the public and our esteemed investors.
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We proclaim that our above disclosure is in conformity with the principles set down in “Material Events Communiqué” of Capital Markets Board, and it fully reflects all information coming to our knowledge on the subject matter thereof, and it is in conformity with our books, records and documents, and all reasonable efforts have been shown by our Company in order to obtain all information fully and accurately about the subject matter thereof, and we’re personally liable for the disclosures.